BANK OF NEW ZEALAND.

Te Aroha News, Volume VII, Issue 473, 21 May 1890, Page 5

BANK OF NEW ZEALAND.

CIRCULAR TO SHAREHOLDERS. The Board of Directors of the Bank of New Zealand are issuing the following circular to the shareholders : Auckland, May 16, 1890. Sir,— At the half-yearly meeting, on the 24th October last, the directors intimated that they would recommend to shareholders to transfer the head office of the Bank to London. As the proposed change implied the assumption by directors in London of the ] charge and responsibility of the Bank, it seemed indispensable that, as a preliminary, they should satisfy themselves by an emissary of their own appointment as to the policy to be adoptod in its future management-, and we suggested to them the expediency of their doing so. They concurred, and after some unavoidable delay in tho selection of a gentleman possessing the qualifications essential to so responsible a mi s sion, they appointed Air David Hean—an appointment, I think it right to say, in no way suggested or influenced by us. Mr Hean immediately proceeded to the colonies, and has since been actively engaged in his arduous mission. In the meantime the directors communicated with the London Board, who concurred in the baking of the necessary preliminary steps.. At a meeting of shareholders, held on the 9th January, tho Board were instructed to make the needful arrangements, and the required powers were accordingly sought by the Board, and conferred by shareholders at a eeries of meetings held for that purpose. Air Hean has now completed his investigations, and tho result is that we are authorised by the London Board to announce to you thab they have received the following cable message from him, dated Auckland, Alay 12th : (The text of the message was published by us yesterday.) As the present Board of Directors are. in no way responsible for tho general position which Air Hean has found, and as they are satisfied as to his knowledge and capacity, and the care and pains he has taken, they do nob hesitate to accept his conclusions — though in tho opinion of most, if nob all, of them a more sanguine view might justifiably have been taken. Transfer of the Head Office implied many re-arrangements and much unavoidable delay, and the directors felt thab they had no right to anticipate the views of the London Board, or the nature of the declaration or proposals they might make to shareholders after receipt of Mr Hean’s report. They therefore obtained power to postpone the half-yearly meeting, so that the London Board might have time, to receive and digest the full report of their representative, and to determine upon the recommendations they would make to shareholders at thab meeting. Air Hean will proceed to London immediately to counsel the London Board, and, in concert with them and with Alajor George, the Colonial Board’s representative, take the necessary formal measures for carrying out the instructions of shareholders. As it will probably be necessary to make some further alterations in tho deed of settlement, to remove certain formal disqualifications for the office of director, which would injuriously limit the shareholders’ area of selection, and which were not meant to act in that way, I have to request, as a certain number of shares must be represented, that you will sign the enclosed proxy form, to be at the disposal of the London directors for this purpose. By order of the Board of Directors. W. H. CoLBECK, President.